Strategic Management Quiz
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Questions and Answers

Which of the following best describes strategic management?

  • A framework for organizations to set a course for success
  • A technique to achieve replicable results with different management techniques
  • A way to answer why some firms outperform others
  • A process to allocate resources and capabilities for superior firm performance (correct)
  • What does strategic management help answer?

  • How to achieve replicable results with different management techniques
  • Why some firms outperform others (correct)
  • How to improve the performance of firms in an environment
  • How to allocate resources for major initiatives
  • What is the role of creativity in strategic management?

  • It is just as important as strategic management (correct)
  • It is more important than strategic management
  • It is not important
  • It is less important than strategic management
  • What is the historical origin of strategy formation?

    <p>Ancient warfare</p> Signup and view all the answers

    What is the purpose of analyzing the external, competitive, and internal environments in strategic management?

    <p>To shape the strategies pursued by a firm</p> Signup and view all the answers

    Which of the following is NOT a function of financial management?

    <p>Marketing</p> Signup and view all the answers

    What is the main purpose of financial management?

    <p>To handle a company's finances successfully</p> Signup and view all the answers

    Which department is responsible for ensuring all departments stay on track in terms of financial management?

    <p>VP of Finance</p> Signup and view all the answers

    What can ERP software help finance teams achieve?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is NOT a financial function combined in a financial management system?

    <p>Supply chain management</p> Signup and view all the answers

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